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by: Miss Kristy Veum


Miss Kristy Veum
Texas A&M
GPA 3.8

Jeffrey Edwardson

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About this Document

Jeffrey Edwardson
Class Notes
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This 3 page Class Notes was uploaded by Miss Kristy Veum on Wednesday October 21, 2015. The Class Notes belongs to ECON 203 at Texas A&M University taught by Jeffrey Edwardson in Fall. Since its upload, it has received 18 views. For similar materials see /class/225827/econ-203-texas-a-m-university in Economcs at Texas A&M University.




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Date Created: 10/21/15
SI Sophia Sunday 6 HECC 110 Monday 7 HECC 209 Wednesday 7 HECC 108 3 key economic ideas 0 People are rational 0 People respond to incentives 0 Optimal decisions are made at the margin 4 Make comparisons at marginal values Basic Economic Problem 0 Limited Resources 9 Scarcity Something is SCARCE if you can t obtain more of it without sacri cing something of value Scarcity 9 Tradeoffs Tradeoff 9 Choices OO Choices What is produced How is it produced For whom is it provided The Spectrum of Economic Systems Central Planning Market Economy Communism US Capitalism Hong Kong Singapore North Korea Steers resources to most socially optimal uses that bene t society Adam Smith s Invisible Hand 0 Central Planning 0 Market Economy 0 Mixed Economy Equity fairness vs Ef ciency Market economy is ef cient but might not be equitable 0 There s a tradeolT between equity and ef ciency If we want more equity we give up some efficiency Economic Models 0 Read in the book 7 he skipped this in class Microeconomics vs Macroeconomics economy as a 1 Output 2 Unemployment Rate A sampling of important economic terms 0 Households and rms 0 Factors of production 0 Capital 0 Goods and Services Circular Flow Model Important Economic Terms 0 Households 7 Supply resources 0R factors ofproduction 0R inputs 0R demand goods and services 0 Firms 7 demand resources 0R Supply goods and services Factors ofproduction orresources 0 Land 0 Labor 0 Capital 0 Entrepreneurial ability Capit 0 Physical Capital 7 manufactured goods used to produce other goods 0 1 italr quot n n39 n hainimy 39 make them more productive High Capital High Worker Productivity 0 Worker Productivity Output Hours Worked The Production Process Inputs 9 Production 9 Goods d Se s 0 Land o 71or Consumer O Capital Goods Goods 0 Capital Entrepreneurship


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